How Many Bitcoins Are There?
Bitcoin operates on a decentralized network, and its total supply is capped at 21 million coins. This limit was established by the pseudonymous creator, Satoshi Nakamoto, to introduce scarcity to the cryptocurrency. When Bitcoin was launched in 2009, miners were able to earn 50 Bitcoins for every block mined. However, this reward is halved approximately every four years in an event known as "halving."
As of October 2023, around 19 million Bitcoins have already been mined, which means there are approximately 2 million Bitcoins left to be mined before reaching the maximum supply. This gradual reduction in block reward aims to control inflation and mimics precious metals such as gold. The final Bitcoin is expected to be mined around the year 2140, after which no new Bitcoins will be created.
The scarcity of Bitcoin is one reason it has garnered interest as a digital asset and investment vehicle. It is important to note that not all mined Bitcoins are in circulation; many are lost due to forgotten wallets, lost private keys, or other issues, which further adds to its scarcity and potential value over time.